Bharat Gears Ltd

₹ 127 -3.26%
27 Jan - close price
About

Bharat Gears Ltd. (BGL) (Incorporated in 1971) is India's largest gear manufacturer. BGL is a major global supplier of automotive gears and heat treatment furnaces. BGL manufactures a wide range of gears for HCV, MCV, LCV, utility, and off-highway vehicles. The manufacturing facilities are located in Mumbra, Faridabad, and Satara. The Company has a strong Dealer network of 72 dealers in 26 states covering the entire domestic geography and 3 sales offices in Delhi, Mumbai & Kolkata. [1] [2]

Key Points

Product Portfolio
Gears(90%): The co. manufactures a wide range of Ring Gears and Pinions, Transmission Gears and Shafts, Differential Gears, Gear Boxes, and a wide spectrum of bevel gears and assemblies which find application majorly in the automotive industry.
Furnaces: Co. ventured into the construction of furnaces for captive use initially and thereafter, moved into its commercial production. They continue to build batch and continuous heat-treating furnaces in collaboration with technology major, AFC – Holcroft of Michigan, USA.
Automotive Components: This division includes automotive products such as automotive clutches and components, turbochargers and components, driveline products, axle shafts, flywheel assemblies, and rings, air suspension, etc. [1] [2]

  • Market Cap 196 Cr.
  • Current Price 127
  • High / Low 173 / 80.1
  • Stock P/E 9.07
  • Book Value 77.5
  • Dividend Yield 0.00 %
  • ROCE 24.1 %
  • ROE 25.5 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 78.3% CAGR over last 5 years

Cons

  • Company has a low return on equity of -1.40% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Loading peers table ...

Quarterly Results

Figures in Rs. Crores

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
132.71 104.92 110.61 49.26 128.24 151.50 174.03 164.68 186.63 187.44 190.69 183.97 213.55
121.90 104.27 104.45 53.44 118.35 135.33 160.11 146.94 169.41 171.04 176.30 171.74 198.62
Operating Profit 10.81 0.65 6.16 -4.18 9.89 16.17 13.92 17.74 17.22 16.40 14.39 12.23 14.93
OPM % 8.15% 0.62% 5.57% -8.49% 7.71% 10.67% 8.00% 10.77% 9.23% 8.75% 7.55% 6.65% 6.99%
1.63 0.72 2.13 0.50 0.25 0.69 -0.07 1.53 3.62 0.47 1.51 2.38 1.92
Interest 5.63 5.35 5.12 5.48 6.33 6.06 4.80 4.89 4.97 4.44 4.12 4.16 3.97
Depreciation 6.72 6.77 6.55 6.26 6.09 5.99 5.81 5.78 5.25 4.75 4.61 4.69 4.96
Profit before tax 0.09 -10.75 -3.38 -15.42 -2.28 4.81 3.24 8.60 10.62 7.68 7.17 5.76 7.92
Tax % 1,855.56% 25.58% 35.50% 14.79% 9.21% 1.46% 14.51% 25.70% 25.14% 20.05% 25.24% 25.35% 27.27%
Net Profit -1.58 -8.00 -2.18 -13.14 -2.07 4.74 2.77 6.39 7.95 6.14 5.36 4.30 5.76
EPS in Rs -1.03 -5.19 -1.42 -8.53 -1.34 3.08 1.80 4.15 5.16 3.99 3.48 2.79 3.75
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
335 431 393 420 415 398 407 508 594 463 503 729 776
303 386 364 394 393 367 379 465 536 444 467 664 718
Operating Profit 32 45 28 26 22 31 28 43 59 19 36 66 58
OPM % 9% 10% 7% 6% 5% 8% 7% 8% 10% 4% 7% 9% 7%
0 6 2 3 2 2 1 2 4 5 1 7 6
Interest 9 13 12 14 16 16 15 17 22 22 23 18 17
Depreciation 9 11 12 14 14 16 17 18 22 27 24 20 19
Profit before tax 14 27 7 1 -6 1 -2 9 19 -25 -10 34 29
Tax % 33% 31% 33% 0% 35% 54% 36% 32% 36% 24% 20% 24%
Net Profit 10 19 5 1 -4 0 -1 6 13 -19 -8 26 22
EPS in Rs 6.61 12.65 3.38 0.41 -2.86 0.16 -0.99 4.12 8.19 -12.19 -5.00 16.78 14.01
Dividend Payout % 12% 8% 28% 130% 0% 0% 0% 0% 6% 0% 0% 0%
Compounded Sales Growth
10 Years: 5%
5 Years: 12%
3 Years: 7%
TTM: 15%
Compounded Profit Growth
10 Years: 2%
5 Years: 78%
3 Years: 22%
TTM: 12%
Stock Price CAGR
10 Years: 16%
5 Years: 1%
3 Years: 45%
1 Year: 12%
Return on Equity
10 Years: 2%
5 Years: 4%
3 Years: -1%
Last Year: 26%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
9 8 8 8 8 8 8 8 8 9 9 10 10
Reserves 50 65 68 68 63 63 59 70 80 70 64 98 109
58 62 75 100 100 98 112 134 162 152 118 107 112
109 114 115 115 125 99 112 154 170 143 193 189 217
Total Liabilities 225 249 266 291 295 268 291 366 420 374 384 404 448
80 93 91 135 129 115 103 113 145 150 134 118 128
CWIP 5 3 25 4 2 3 2 2 10 2 1 1 1
Investments 0 0 0 0 0 0 0 0 0 0 0 0 1
140 153 150 152 165 150 186 250 264 222 249 285 319
Total Assets 225 249 266 291 295 268 291 366 420 374 384 404 448

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
28 26 26 27 20 23 20 6 50 54 59 30
-23 -18 -26 -38 -5 -7 -5 -21 -56 -29 -2 -5
-1 -11 1 11 -15 -16 -18 27 -5 -20 -57 -32
Net Cash Flow 4 -3 1 -1 -0 0 -3 12 -11 4 0 -7

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 62 56 65 60 63 58 83 92 71 81 77 72
Inventory Days 120 98 98 107 120 112 123 119 125 120 133 89
Days Payable 179 138 143 157 178 148 175 181 155 167 229 148
Cash Conversion Cycle 3 15 20 9 6 22 31 30 41 33 -20 13
Working Capital Days 16 27 25 27 22 27 48 68 47 46 44 49
ROCE % 22% 31% 14% 9% 6% 10% 7% 13% 18% -1% 6% 24%

Shareholding Pattern

Numbers in percentages

12 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32
0.00 0.00 0.00 0.00 0.00 0.00 0.85 1.15 1.51 1.36 1.61 1.40
0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.03
44.65 44.65 44.65 44.65 44.65 44.65 43.79 43.50 43.14 43.29 43.06 43.24

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents